Given the basic nature of the administration\u2019s proposals, there is a lack of clarity with regard to what changes will be made to available income tax deductions and credits. A major piece of the proposal is simplifying the tax brackets to three rates of 10%, 25%, and 35%; unfortunately, it is unclear where those rates would fall. The proposal only specifically saves the charitable and mortgage interest deductions, which are two of the most widely claimed. (more…)<\/span><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" The Trump Administration recently announced proposed tax cuts, which received many headlines for reducing corporate tax rates and generally being unclear on how the cuts would be absorbed in the national budget. What do the proposed income tax changes mean…<\/span><\/p>\n